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Level 1
July 12, 2023
Question

Vehicle expense

  • July 12, 2023
  • 1 reply
  • 7 views

Under schedule C - vehicle expense. I sold my business vehicle and bought another. The program is asking for the sales price and is calculating a "gain," but is not considering that I bought a new business vehicle. What am I missing? It's never asked this before. I need help here, ASAP.

    1 reply

    VolvoGirl
    Level 15
    July 12, 2023

    Did you add the new vehicle as a new Asset?

    Critter-3
    Level 15
    July 12, 2023

    Starting in 2018 the ability to trade in a vehicle was removed ... so in the program you will have a sale of the old asset   and  an entry  of the new asset if you use the actual expenses option.